Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>Despite having some backlog on hand, SEAFCO's 3Q20E earnings may be pressured by labor shortages as a result of COVID-19.</li><li>We have therefore revised down our 2020-21E core profit forecasts by 13-17%, resulting in a new 2021E target price of Bt6.10 (12.8x PER).</li><li>We maintain a Hold rating while awaiting a surge in momentum from big new projects and earnings recovery in 2021E.</li></ul>

Despite having some backlog on hand, SEAFCO's 3Q20E earnings may be pressured by labor shortages as a result of COVID-19.We have therefore revised down our 2020-21E core profit forecasts by 13-17%, resulting in a new 2021E target price of Bt6.10 (12.8x PER).We maintain a Hold rating while awaiting a surge in momentum from big new projects and earnings recovery in 2021E.

3Q20E Earnings to Fall; 2020-21E Forecasts Revised Down

Seafco

3Q20E Earnings to Fall; 2020-21E Forecasts Revised Down